Holding company UGI Corp., headquartered in Valley Forge, PA, reported Tuesday that its net income was up 28% over a year ago, standing at $2.10 per diluted share for the fiscal year ended Sept. 30, 2001 compared with $1.64 for the same period of 2000. For the third quarter, UGI recorded a seasonal net loss of $0.40 per diluted share, excluding a one-time charge, compared to a loss of $0.39 per diluted share in the third quarter of 2000. UGI previously reported that it expected fiscal year 2001 net income to be $2.05, net of one-time items.

UGI said it expects to grow earnings per share 6-10% a year and increase its dividend 3% a year. This year it expanded its regional gas marketing business, invested in a French propane distributor and became one of the largest marketers of propane in the United States with the acquisition of Columbia Propane.

Its domestic propane unit, AmeriGas Partners LP had pretax income of a record $29.9 million this year, up from $9.2 million a year earlier. Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) was $208.55 million — a record — 32% higher than the previous year’s $157.588 million. UGI attributed the gains to slightly colder weather in fiscal 2001, compared to 14% warmer than normal in 2000.

Throughput in UGI’s Gas Utility unit was 77.3 Bcf compared with 79.7 Bcf in 2000 on weather that was slightly colder than normal and 11% colder than last year. Operating income in the Gas Utility increased to $87.8 million, up from $86.2 million. In its Electric Utility unit, sales increased to 945.5 GWh in 2001, up from 907.2 GWh in 2000 because of “favorable weather patterns.” Operating income declined to $10.7 million compared with $15.1 million a year ago “principally due to higher purchased power costs partially offset by reduced operating expenses.”

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